Trading cryptocurrencies and other digital assets has become one of the most lucrative crypto investments. The reason is that some traders can have rates of return that exceed 1,000% within a short period such as a week.
In this analysis, we look at how a certain crypto trader turned $92 into $2 million. We shall also identify the leading memecoins for 2023.
Trader Turns 1.5 SOL into a Jackpot
A Solana trader who owned 1.5 SOL tokens turned them into $2 million within 22 days, gaining by more than 21,715x. That crypto trader invested in a new Solana-based meme coin known as Silly Dragon (SILLY).
According to Lookonchain, an on-chain analysis firm, on 5 December the trader invested in SILLY about 5 minutes after its launch. He/she acquired 43.1 million SILLY at a cost of 1 SOL, valued at $62 at that time.
After 22 days the price of the Solana memecoin spiked leading the crypto investor to sell 33.34M $SILLY at a total value of $528K. At that time, he/she remained with 9.76M Dragon SILLY, valued at $1.5 million.
Looking at how the investment occurred several analysts suspect that it was an insider trade. The reason is that it was almost impossible for an ordinary trader to invest in a token within 5 minutes of its launch. Other analysts have concluded that the trader could be one of the project developers.
The Origin of SILLY Dragon
The inspiration behind the development of the dragon-themed Solana memecoin, SILLY, was Anatoly Yakovenko, the co-founder of Solana’s, playful dragon costume he wore at a tech conference. In addition, on 8 November 2023, Yakovenko wrote an X post where he described 2023 as the year of silly dragons.
In the end, the SILLY Dragon memecoin has become a symbol of humor and internet trends. Launched on 5 December 2023, the SILLY became a household name. As a result of its popularity, the memecoin price soared by more than 1,000% within two days. Also, within the same period, it attained a market capitalization of over $10 million.
The reason for that memecoin price surge was the Solana community’s strong positive sentiment towards the token. Since the SILLY memecoin was connected to the charm of internet memes many young tech-savvy community members popularized it, pushing its price higher and higher.
The SOL Price May Keep Rising
The rise in the value of SILLY coincided with a Solana price surge. For instance, in the preceding week, the value of SOL rose by over 35%. Overall, the price of the Solana-based coin increased by over 800% during 2023 after recovering from the FTX collapse.
However, towards the end of December 2023, the SOL coin experienced a retracement. Analysts believe that the SOL retracement may result in a consolidation period. The main cause of the retracement might be profit-taking by venture capitalists (VCs) after its recent rally.
Looking at its fundamentals and the sustained demand for Solana-based memecoins the SOL price may keep rising. Several factors anchor its price base.
Primarily, the Solana network has been recovering steadily over the past months. As an example, the network has over $1.2 billion in total value locked (TVL) in its ecosystem. Notably, at the beginning of 2023, its TVL was around $230 million.
Previously, the SOL price had been rising due to the fear of missing out among crypto investors. What contributed to the recent Solana price surge was the rise in the demand for its Saga smartphone, which supports the BONK’s airdrop. The increase in sales of BONK helped to drive the value of SOL up.
In addition, the Solana blockchain has recorded a sharp increase in NFTs, Web3 markets, and DeFi. Many DeFi projects are being developed on the network. The expectation is that the blockchain will host many more such projects in the future.
According to Changelly, the price of SOL is likely to fluctuate between $103.82 and $128.91 during January 2024. Nevertheless, this is expected to form a solid base for higher prices for the rest of the year.
Top Memecoins for 2023
Several memecoins performed well in 2023. As a result, the crypto market expects their price to continue rising in 2024. It means that it is the best time for savvy investors to buy memecoins. Let’s briefly look at some of 2023 best-performing memecoins.
Dogecoin (DOGE): This memecoin was launched in 2013 and pays homage to the meme that features a Shiba Inu dog. It is currently trading at $0.078134 and has a market capitalization of over $11 billion.
Shiba Inu (SHIB): The Shiba Inu, launched in 2020, was the early direct competitor of Dogecoin. It exists on the Ethereum blockchain and has a market capitalization of more than $5.8 billion.
PEPE Coin: There is no doubt that the PEPE coin (PEPE) was one of the leading memecoins in 2023. It has a circulating supply of 391 trillion and a market cap of around $558 million.
Bonk (BONK): This dog-themed memecoin exists on the Solana blockchain and aims to bring liquidity to the network. Created on 25 December 2022, BONK gained much traction in 2023 and managed to surpass the PEPE coin.
Floki Inu (FLOKI): Elon Musk’s Shiba Inu dog was the inspiration behind Floki Inu which has an extensive ecosystem that encompasses native DEX, FlokiFi, and the immersive Metaverse game, “Valhalla.”
Other Leading memecoins: Of course, several other leading memecoins include Wall Street Memes ($WSM), Dogelon Mars ($ELON), Milady Meme Coin ($LADYS), Meme Kombat ($MK) and ApeMax (APEMAX).
Conclusion
In December 2023 the crypto market performed remarkably with the price of several memecoins like SILLY rising by large margins. SILLY got the attention of the market when a trader who invested only $92 in the memecoin raked in $2 million in return.
Dogecoin (DOGE), Shiba Inu (SHIB), PEPE Coin, Bonk (BONK), Floki Inu (FLOKI), Wall Street Memes ($WSM), Dogelon Mars ($ELON), Milady Meme Coin ($LADYS), Meme Kombat ($MK) and ApeMax (APEMAX) were the other memecoins that were competitive in 2023.
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